AutoZone Inc. (NYSE: AZO) announced Q2 fiscal 2024 results before the US opening bell on Tuesday.

The largest US retailer of aftermarket automotive parts and accessories achieved revenue of $3.859 billion in the quarter, which topped analyst estimate of $3.846 billion.

Earnings per share (EPS) reached $28.89 vs. $26.296 per share expected.

Both revenue and EPS increased by 4.6% and 17.2% year-over-year respectively.

AutoZone opened 29 new stores in the United States (19), Mexico (6) and Brazil (4) during the quarter. 3 stores were closed in the United States.

The company has 7,191 stores in the Unites States (6,332), Mexico (751) and Brazil (108) as of 10/2/24.

Company overview

• Founded: 1979
• Headquarters: Memphis, Tennessee, United States
• Number of employees: 119,000 (2023)
• Industry: Retail
• Key people: William C. Rhodes III (Chairman, President, & CEO), Jamere Jackson (CFO)

CEO commentary

“I want to thank our AutoZoners for delivering solid earnings in our second fiscal quarter. Their commitment to delivering superior customer service again drove our very solid quarterly performance. While a difficult holiday comparison for both Christmas and New Year’s negatively impacted quarterly sales performance, we continue to be encouraged with our sales initiatives, and believe we are well positioned for future growth. Additionally, we are pleased with our international business as we delivered another quarter of double-digit growth. We remain committed to prudently investing capital in our business, and we will be steadfast in our long-term, disciplined approach to increasing operating earnings and cash flows while utilizing our balance sheet effectively,” Phil Daniele, CEO of the US company said in a statement to shareholders.

Stock reaction

Shares rose to a new all-time high following the release of the latest results. The stock was up by over 5% at $2,926.32 a share.

Stock performance

• 5 day: +8.67%
• 1 month: +3.21%
• 3 months: +12.59%
• Year-to-date: +13.31%
• 1 year: +17.83%

AutoZone stock price targets

• Wedbush: $2950
• Barclays: $2779
• Morgan Stanley: $2900
• Raymond James: $3100
• Stephens: $3070
• Truist Financial: $3027
• TD Cowen: $2975
• Oppenheimer: $2600
• Argus: $2920
• JP Morgan Chase & Co.: $2975
• Evercore ISI: $2750
• DA Davidson: $2500
• UBS Group: $2900
• Bank of America: $2465

AutoZone Inc. is the 360th largest company in the world with a market cap of $50.55 billion, according to CompaniesMarketCap.

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Sources: AutoZone Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

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